Solid Power, Inc. (Nasdaq: SLDP), a leading developer of solid-state battery technology, announced it was selected by the U.S. Department of Energy’s (“DOE”) Office of Manufacturing and Energy Supply Chains to begin award negotiations for up to $50 million in federal funding under the Bipartisan Infrastructure Law. With this project, Solid Power intends to install the first globally known continuous manufacturing process of sulfide-based solid electrolyte materials for advanced all-solid-state batteries (ASSBs) and expand its electrolyte production capabilities at its Thornton, CO facility. The expansion is designed to further the Company’s technology roadmap and support anticipated small volume programs of current and future customers as they begin to transition from traditional lithium-ion to ASSB technology.
Solid Power’s leading sulfide-based solid electrolyte material is a key component to enable the anticipated performance advances of ASSBs, including improvements in energy density, safety, high-temperature stability, and cost. Solid Power currently has the capability to produce 30 metric tons of electrolyte per year. Through this multi-year capital improvement project, Solid Power plans to significantly increase its annual production capacity, first to 75 metric tons in 2026 and then to 140 metric tons in 2028, in order to meet anticipated demand. In addition, Solid Power expects the continuous manufacturing process will allow it to produce electrolyte at a significantly lower cost, compared to today’s process.
“We view our selection for funding by the U.S. Department of Energy as validation of the promise sulfide-based all-solid-state batteries hold,” said John Van Scoter, President and Chief Executive Officer of Solid Power. “By adopting a continuous manufacturing process for our electrolyte, we expect to be able to meet anticipated near-term demand and set Solid Power up to become the leading global producer of sulfide-based solid electrolyte.”
Over the course of the project, Solid Power expects to hire up to 40 full-time employees for manufacturing operations at its Thornton, CO facility, and its contractors/subcontractors expect to employ union labor for up to 100 construction positions for this endeavor. The project demonstrates the Company’s strong commitment to local communities.
The Company does not anticipate any DOE funding to have a material impact on its financial outlook for this fiscal year, which it last provided on August 6, 2024.